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Enterprise Ethereum Alliance (EEA) and Microsoft have convened leading blockchain providers to launch a new project to help businesses design and create the right type of encryption tokens for their needs.
The EEA, which focuses on creating standards and specifications for business users who interact with Ethereum technology, emphasized that it was simply hosting the Token Taxonomy Initiative, an entirely Catholic and neutral project. from the point of view of the technology that crosses Ethereum, Hyperledger, Corda from R3 and DAML from Digital Asset.
Announced Wednesday, members of the Token Taxonomy Initiative include Accenture, Banco Santander, Blockchain Research Institute, Clearmatics, ConsenSys, Digital Asset, EY, IBM, ING, Intel, Morgan, Komgo, Microsoft, R3 and Web3, among other.
EEE Executive Director, Ron Resnick, explained that it was essentially an open composition framework and accessible to technologists and non-technologists. It will include workshops as well as a GitHub repository where results and test data can be linked to implementations of existing tokens on different blockchain networks, said Resnick, adding:
"We do it for the greater good. Standardization of chips on all networks could be the key to one of the greatest economic opportunities in modern history. "
Marley Gray, senior architect at Microsoft, who had the idea, explained the inspiration for this came from two directions.
On one side, Gray said his team had ended up answering many questions from Microsoft's internal firms eager to explore howThe nses (complex holographic product identifiers that you need to register) can be numbered and imported into smart contracts.
At the same time, as part of his involvement in the blockchain activities of Microsoft's Azure cloud platform and the EEE, Gray said he was often in touch with various industry consortiums, who spent a lot of time trying to find the best way to distinguish a barrel of oil, for example.
Gray said his team would have many repetitive conversations to try to describe the chips and special properties users want – "we'd use badogies like plane tickets a lot" – and the relationship between those requirements and existing blockchain platforms.
As such, a sort of hierarchy of characteristics and behaviors has been established: fungible and not fungible; transferable and non-transferable; subdivisible and not subdividable; Mintable and burnable, and so on.
Gray told CoinDesk:
"The idea is to use a workshop with business people to completely describe a token that meets their needs. This token itself is composed of reusable components so that another group can use these same components to define a slightly different token without redefining everything the initial group did – so it creates that framework. "
Drag and drop
In practical terms, Mr. Gray stated that a professional user or consortium can "grab a non-fungible token and drag it, then make it start from a range of behaviors, drag those behaviors," as they would drag an icon on a screen.
The result, he said, is that a businessman can create a token visually using a design tool that does not involve code writing, and then allowing them to tell the developers: "I want one."
In addition, Gray said his team has been exploring ways to use GitHub so that these business requirements can be adapted to metadata stored and "mapped" to specific implementations of the blockchain.
"An individual [token] behavior could point to a snippet of code for a particular platform, that is, DAML for a particular behavior would bind me to a particular piece of DAML code, or the same for Solidity or Chaincode. "
Judging by the inter-block support, the idea has begun, other people in the space have also had repeated conversations to try to set tokens.
For example, JP Morgan's Quorum Director, Oli Harris, said in a statement, "This milestone has allowed industry leaders, from the largest corporations and innovative startups, to unite. to define tokenization so as to the global business community. "
At the same time, Todd McDonald, Co-Founder and Censor of R3, added, "This initiative represents a new and innovative way for the industry to work together to define an appropriate taxonomy of tokens for any enterprise-level blockchain technology."
Reiterating the need to remain independent of the network, Gray concludes:
"We prefer people to go to the workshop without even asking if it is an ethereum, a Hyperledger tissue, a corda or a DA. In fact, we are telling people that when the framework is used, you have to leave the technological baggage behind. "
Microsoft image via Shutterstock
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